Zenith Bank Plc has reported a remarkable financial performance for the nine months ending September 30, 2025, recording a profit after tax (PAT) of ₦917.4 billion, a 287 percent increase compared to ₦236.8 billion posted in the corresponding period of 2024. The tier-one lender’s unaudited financial statements filed with the Nigerian Exchange Limited (NGX) show that its gross earnings soared to ₦3.3 trillion, representing a 220 percent growth year-on-year, driven by robust interest income, foreign exchange gains, and improved non-interest revenue. The performance consolidates Zenith Bank’s position as one of Nigeria’s most profitable financial institutions, reflecting the success of its…
Author: Temitope N.
The Nigerian naira strengthened significantly in the foreign exchange market, hitting a 2025 peak of N1,421 per dollar on Friday, driven by a surge in foreign exchange supply and renewed investor confidence. This marks the highest value the local currency has attained this year, reflecting the Central Bank of Nigeria’s (CBN) sustained interventions and improving dollar inflows into the economy. According to traders, the appreciation was largely supported by increased foreign exchange liquidity in both the official and parallel markets, as well as rising remittances and export earnings. Data from the FMDQ Securities Exchange showed that the naira closed at…
Nigeria’s foreign exchange market has witnessed a steady improvement in liquidity and inflows, driven largely by the Central Bank of Nigeria’s (CBN) sustained reform measures, despite a downturn in global oil prices. The local currency, the naira, has shown signs of resilience in recent weeks as confidence strengthens among investors and exporters. Market reports indicated that foreign exchange inflows have increased across official channels, buoyed by the CBN’s efforts to enhance transparency, unify exchange rates, and clear outstanding backlogs owed to foreign investors and airlines. These reforms have restored trust and repositioned Nigeria as an attractive investment destination amid volatile…
Rex Insurance Plc has posted a resilient financial performance for the 2025 fiscal year, reporting profit growth despite a substantial ₦30.2 billion payout in insurance claims. The company’s ability to remain profitable amid the challenging macroeconomic environment underscores its robust risk management framework, prudent underwriting, and strategic focus on operational efficiency. According to its latest financial report submitted to the Nigerian Exchange Group (NGX), Rex Insurance achieved a gross written premium (GWP) of ₦94.8 billion for the period, representing a 26% increase compared to ₦75.3 billion recorded in the previous year. The company attributed the growth to expanding its retail…
The Federal Government has assured Nigerians and the business community that it will carry out extensive stakeholder consultations before the implementation of the next phase of tax reforms slated for 2026. The government said the move is aimed at ensuring fairness, inclusiveness, and efficiency in the nation’s tax system, while also boosting compliance and economic growth. Speaking during a policy dialogue on Nigeria’s tax reform agenda in Abuja, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, said the committee is prioritising dialogue with critical stakeholders, including state governments, businesses, labour unions, civil society…
MTN Nigeria, one of the country’s largest telecommunications and digital service providers, has revealed that its total tax obligations soared to ₦376 billion in 2024, marking a substantial increase over the previous year. The surge in the tax bill, according to the company’s financial disclosures, reflects the impact of inflation, exchange rate volatility, and expanded operations across the telecom and fintech sectors. The company, which remains Nigeria’s leading corporate taxpayer in the private sector, stated that the ₦376 billion comprises company income tax, value-added tax (VAT), education tax, and regulatory levies paid to multiple government agencies. MTN attributed the rise…
Nigerian Breweries Plc, the country’s largest brewing company and a subsidiary of Heineken N.V., has reiterated its unwavering commitment to achieving net-zero carbon emissions across its operations by the year 2050. The declaration reinforces the company’s alignment with global sustainability standards and Nigeria’s broader environmental goals amid rising concerns over climate change and industrial pollution. Speaking during the company’s sustainability performance review in Lagos, Nigerian Breweries’ Managing Director, Hans Essaadi, emphasised that the company’s journey toward a net-zero future has moved beyond mere pledges into measurable action. According to him, the brewer has made significant progress in reducing its carbon…
First Bank of Nigeria Limited has reaffirmed its strong commitment to environmental sustainability with a renewed drive to complete its ambitious 50,000-tree planting initiative before the end of 2025. The bank, which launched the tree-planting campaign as part of its corporate social responsibility under the FirstGreen Sustainability Initiative, announced that it has already planted over 43,000 trees across the country, with the final phase of the project now underway. According to the bank’s Group Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan, the initiative underscores FirstBank’s determination to combat climate change, promote ecological balance, and contribute to Nigeria’s commitment…
NEM Insurance Plc has reaffirmed its commitment to employee wellness, public health awareness, and corporate social responsibility by organizing its annual Fitness and Awareness Walk, an initiative aimed at promoting healthy living and encouraging Nigerians to adopt active lifestyles. The event, which took place over the weekend in Lagos, attracted hundreds of participants, including staff members, fitness enthusiasts, policyholders, and members of the public who joined the company in advocating for physical and mental well-being. Themed “Walk for Life, Walk for Wellness,” the initiative is part of NEM Insurance’s long-term strategy to integrate health consciousness into corporate culture while fostering…
Nigeria’s electricity generation companies (GenCos) have reportedly lost an estimated ₦2.3 trillion in potential revenue over the past few years due to persistent grid bottlenecks, transmission inefficiencies, and limited power evacuation capacity, which continue to hinder the flow of generated electricity to consumers across the country. Despite generating enough power to meet a substantial portion of national demand, thousands of megawatts remain stranded daily, worsening energy shortages and economic inefficiencies. Industry reports indicate that the nation’s installed generation capacity currently stands at over 13,000 megawatts (MW), while available capacity fluctuates between 4,000 MW and 7,000 MW, depending on grid stability…
Delta Air Lines has announced the launch of a new direct flight route connecting Atlanta, United States, to Marrakech, Morocco, marking a significant milestone in its continued expansion across the African continent. The move is part of Delta’s broader strategy to strengthen its global network and enhance connectivity between North America and Africa, catering to the growing demand for leisure and business travel between the two regions. The Atlanta–Marrakech service is set to commence operations in June 2025, making Delta the first U.S. airline to offer a non-stop connection between the southeastern United States and Morocco. According to the airline,…
The Governor of Ekiti State, Biodun Oyebanji, has commended President Bola Ahmed Tinubu’s Renewed Hope Farm Initiative, describing it as a major step toward reviving Nigeria’s agricultural sector and encouraging youth participation in farming.Speaking at the official launch of the initiative in Ado-Ekiti, Oyebanji noted that the programme reflects President Tinubu’s commitment to achieving food security, reducing unemployment, and strengthening rural economies. He said the Renewed Hope Farm Initiative has rekindled national interest in agriculture by providing opportunities for individuals, especially the youth, to engage in productive and profitable farming activities. The governor praised the federal government for introducing a…
The Nigerian Postal Service (NIPOST) has unveiled a new digital payment solution designed to simplify the process of paying duties, levies, and handling charges for foreign parcels arriving in Nigeria. The innovation aims to enhance efficiency, transparency, and user convenience in the management of international mail and parcel deliveries across the country. Announcing the development in Abuja, the Postmaster General of the Federation and Chief Executive Officer of NIPOST, Tola Odeyemi, said the new payment system was part of ongoing reforms to modernise postal operations and align them with global best practices. She explained that the solution would help customers…
The Lagos State Government has announced plans to host the first-ever Muslim Economic Summit, an event designed to foster collaboration, entrepreneurship, and economic development within the Muslim community and the wider Nigerian society. Scheduled to take place in Lagos later this year, the summit will bring together Islamic scholars, business leaders, policymakers, and financial experts to explore strategies for promoting ethical finance, wealth creation, and inclusive growth in line with Islamic economic principles. According to the organisers, the summit—tagged “Empowering Communities Through Ethical Economic Models”—aims to strengthen the role of Muslim entrepreneurs and investors in driving sustainable development while encouraging…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has urged commercial banks to expand their support beyond large corporations and prioritize innovative ventures, startups, and small-scale entrepreneurs as part of efforts to drive inclusive economic growth. Speaking at an economic policy forum in Lagos, Edun emphasized that the nation’s financial sector must shift focus from its traditional lending patterns, which largely favor established corporations, to include innovative enterprises and digital entrepreneurs that are key to unlocking Nigeria’s growth potential. “The era of concentrating financial resources on a few large corporate entities must give way to…
Leading financial technology company OPay has announced a strategic partnership with the University of Calabar (UniCal) to establish a state-of-the-art Cybersecurity Innovation Laboratory, aimed at bolstering Nigeria’s defense against cyber threats and fostering digital resilience among students and professionals. The collaboration, unveiled during a joint press briefing in Calabar, is designed to strengthen cybersecurity education, research, and practical skill development within Nigeria’s growing digital ecosystem. The lab will serve as a training and research hub where students, lecturers, and cybersecurity experts can collaborate on innovative solutions to tackle the country’s rising cybercrime challenges. Speaking during the event, Mr. Dauda Gotring,…
Mastercard has announced a strategic partnership with ASA Microfinance Bank (ASA) to enhance digital and financial inclusion among smallholder farmers across Nigeria through innovative technology-driven solutions. The collaboration aims to empower farmers with access to digital payment systems, credit facilities, and data-driven tools that will help improve productivity and income. The initiative is part of Mastercard’s broader commitment to accelerating the digital transformation of Africa’s agricultural ecosystem by connecting underserved communities to financial services. Speaking on the partnership, Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, said the collaboration underscores the company’s mission to “build a more inclusive digital…
Nigeria’s Minister of Power, Adebayo Adelabu, has revealed that over 10,000 megawatts (MW) of electricity capacity remains trapped in idle power plants across the country due to transmission bottlenecks, gas supply shortages, and inadequate distribution infrastructure. The minister described the situation as a major setback to Nigeria’s quest for stable and sustainable electricity supply. Speaking during an energy sector stakeholders’ meeting in Abuja, Adelabu explained that while Nigeria’s installed generation capacity stands at over 13,000MW, the national grid currently transmits only between 4,000MW and 5,000MW on average. He said that poor coordination among key players in the power value chain…
The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that Nigeria requires an estimated $100 billion in annual investment over the next two decades to bridge its $2.3 trillion infrastructure deficit, emphasizing the urgent need for stronger public-private partnerships (PPPs) to drive sustainable development across key sectors. The revelation was made by the Director-General of ICRC, Michael Ohiani, during a stakeholders’ forum in Abuja, where he underscored that Nigeria’s current infrastructure funding levels are insufficient to meet the nation’s growing population and economic demands. He stated that closing the infrastructure gap is essential to achieving the country’s development goals and unlocking…
Energy giant Oando Plc has announced a remarkable 164 percent increase in profit, reaching N210 billion for the first nine months of 2024, reflecting a strong recovery and operational efficiency across its oil and gas business segments. The company attributed the impressive performance to higher crude oil prices, improved production output, and strategic cost management initiatives implemented during the period. According to the company’s unaudited financial statement released on the Nigerian Exchange Group (NGX), Oando’s profit surged from N79.5 billion in the same period of 2023, demonstrating renewed investor confidence and the effectiveness of its business restructuring strategies. The energy…